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Mortgage & Home Loan FAQ
Advance
What is an Advance?
An advance payment is a repayment of funds, in addition to your scheduled mortgage payment, for items not described in your escrow agreement. (Example: Delinquent property taxes, Lender Placed Insurance Policies, etc.)Insurance
What type of coverage is required?
- Full coverage homeowner's insurance with Vanderbilt Mortgage and Finance, Inc. as loss payee is required at all times. Some states require a separate policy to protect against wind/hail damage.
- If you want to fully protect your manufactured home, coverage should include the current value of your home and improvements. This amount may differ from your existing loan balance. Vanderbilt may accept a policy with coverage less than the loan balance if your loan includes financed non-insurable items such as land or land improvements. However, in the event of total destruction of your property, your insurance settlement may not pay off your obligation to Vanderbilt. We suggest you consult an insurance agent of your choice regarding type and amount of coverage.
Who monitors Vanderbilt loans for homeowners insurance maintenance?
HomeFirst Agency, Inc.Attention: Insurance Tracking
PO Box 9770
Maryville, TN 37802
Phone: (800) 804-9389
Fax: (865) 380-3785
If I change insurance carriers, can payment for the new premium be taken from my escrow account?
If you have enough money in your escrow account, Vanderbilt can send payment to your new insurance carrier upon request. Please call our insurance tracking company, HomeFirst Agency, at (800) 804-9389 to make your request.What is Lender Placed Coverage?
A Lender Placed policy is coverage obtained by the lender when a cancellation notice has been received on your present policy.Lender Placed coverage is to protect only the lender's interest in the property. Lender Placed coverage is generally more expensive than normal homeowner's insurance and does not provide protection for the personal property or furnishings inside the home.
Why do I have to carry flood insurance on my property?
Vanderbilt follows federal guidelines to determine if flood insurance is required. It will be determined if your home is located in a Special Flood Hazard Area, an area designated by the federal government to be at greater risk of flooding.What if I believe I am no longer in a Special Flood Hazard Area?
Provide Vanderbilt Mortgage and Finance, Inc. with:- A Letter of Map Amendment (LOMA)
- A Letter of Map Revision (LOMR)
Please forward these documents to:
HomeFirst Agency, Inc.
ATTN: Insurance Tracking
PO Box 9770
Maryville, TN 37802
OR
Fax: (865) 380-3785
Upon receipt of these documents, HomeFirst Agency will review your request. Please allow 2 weeks for the review process. HomeFirst Agency will notify you if the flood insurance requirement can be waived.
Please note Vanderbilt will not accept any of the following items as proof that the property is no longer in a mandatory flood zone: an appraisal, a survey, an elevation certificate, topography studies, building permits or letters from community officials.
Can I get a quote or receive help finding the right homeowners insurance?
Having the right insurance protection gives you the peace of mind you want for your most valuable possessions. If you need help with insurance or would like a no cost, no-obligation insurance review and quote, call HomeFirst Agency at (800) 804-9389.Mortgage Claims
How do I file a claim on damage to my home?
To file a claim on the damages, you will need to contact your current insurance provider.I have received a claim check. What do I do now?
If you have received a claim check from your insurance company due to damages to the home, you will need to endorse the check and mail it to Vanderbilt at the address below. We will also need a copy of the Estimate of Loss (Adjuster Summary) your insurance company provided to you. Depending on the amount, it may be necessary for Vanderbilt to open a claim and monitor repairs to your manufactured home. If you have any questions regarding this process, please contact our Mortgage Claims department at 1-800-970-7250. We will be happy to explain the process to you.ATTN: Mortgage Claims
Vanderbilt Mortgage and Finance, Inc.
500 Alcoa Trail
Maryville, TN 37804
Moving Your Home
Can I move my home?
Per your contract, you can move your home with Vanderbilt's approval. Please download this printable moving form for a list of requirements.What should I know before moving my home out of state or to a different county?
New State - You must notify the State DMV or DOT when moving your home to a new state. In most cases, a new title will be issued for your manufactured home. Upon notifying the State, Vanderbilt will be notified and can assist with obtaining a new title for your home.New County - You must notify the County Tax Appraiser's Office that your home is now located in their county.
Payoff
How do I obtain a payoff quote on my loan?
You may obtain a payoff quote good for 30 days by contacting your mortgage provider.Is there a penalty if I pay off my loan early?
Generally, no. Check your manufactured home loan documents to see if no prepayment penalty is referenced. If it is not, then no early pay off penalty will be due.What is the difference between the current principal balance and the payoff quote?
The current principal balance is the amount still owed on the original amount financed without any interest or finance charges. A payoff quote is the total amount owed to pay off the loan including any and all interest and/or finance charges. Payoff quotes are quoted to cover a 30-day period of calculated interest and/or finance charges. After that 30-day period a new quote is necessary for the correct amount required to pay off the loan.When will I receive the title to my Manufactured home?
Upon receipt of payoff in full, of your manufactured home loan, your mortgage provider will release the title (contact them for more details).Private Mortgage Insurance
What is Private Mortgage Insurance?
Private Mortgage Insurance (PMI) is insurance to protect the lender against loss if the borrower defaults on the loan and the lender is unable to recover the loan balance and expenses. Borrowers with less than a 20 percent down payment are generally required to pay private mortgage insurance.Property Taxes
Is an Escrow Account required for my taxes?
The state of Texas requires lenders to escrow taxes for loans with contract dates after June 18, 2003. An escrow agreement is signed at loan closing and is binding for the life of the manufactured home loan. You may have entered into a tax escrow agreement in another state. If you have, then you will have a tax escrow payment.How is my initial tax escrow payment calculated?
Your initial tax escrow payment is determined during the first year based on two to two-and-a-half percent of the sale price of your home. This may or may not be enough to cover your taxes. Your annual tax escrow projections will be determined by taxes owed and paid the previous year.How can I lower my taxes?
Contact your local taxing authority to find out if you are eligible for exemptions.Why did my tax escrow payment increase?
An annual review of your escrow account is performed by your mortgage provider to determine if your current tax escrow payment is sufficient to pay your yearly taxes. Because your taxes due are determined based on changes in property value and/or reassessment of your property, your monthly tax escrow payment may be adjusted accordingly. Please contact your local taxing authority with questions and/or concerns regarding adjustments to your taxes owed.I sold this property. What should I do with the tax bill?
Inform your local taxing authority of the change as soon as possible.I am the new owner of this property. Why am I being billed for the entire year?
Property taxes are assessed against the property, not the person. Taxes are not pro-rated between new and previous owners. However, during a typical home-loan closing, tax amounts are pro-rated between the buyer and seller. You may confirm this by reviewing your contract.
